Closing Process

A
Closing, also referred to as settlement or escrow, is the process of
executing legally binding documents such as deeds and/or mortgage
documents. On the agreed upon closing date, the parties complete the
transaction and the title to the property changes hands between the
seller and buyer. This is the time when ownership of the property
officially transfers to the buyer. The following is a partial
summary to help you better understand our process. Black
Hills Title is here to help you every step of the way.

The
closing process begins after the seller agrees to the terms offered
by the buyer in the purchase agreement. There may be “earnest
money” involved. Earnest money is an initial deposit offered by
the buyer along with their purchase terms detailed in your signed
purchase agreement.

Black
Hills Title will then conduct what is referred to as a title search
and examination. We search the records in our automated title plant
and confirm our results using the public records. Records searched
include taxes, deeds, mortgages, liens, divorce settlements among
others. The documents are then examined by our licensed and
experienced title examiners. Upon completion of the search and
examination, we prepare a preliminary report called a title
commitment, which is provided to the interested parties of your
transaction.

Once
the title commitment has been reviewed, a closing date and time can
then be scheduled. Closing instructions/requirements from the lender
and other parties of the transaction will be submitted to Black Hills
Title during this time frame. Among other tasks, our closing agents
obtain loan payoffs, review legal and loan documents, calculate
prorations, and assemble any items to be paid at closing in
preparation of your Settlement Statement. At this point, we also
make sure that any defects to title that were identified in our title
commitment are being addressed and cured to the satisfaction of the
parties involved.

Our
experienced staff members will oversee the closing of your
transaction at one of our 3 convenient locations in Spearfish,
Sturgis and Belle Fourche. All remaining documents are executed at
this time. All expenses are paid and the seller receives payment.

After
the signing is complete, the appropriate documents are filed of
public record at the Register of Deeds office in the county in which
the property is located. In the next few weeks following your
closing an updated search and examination is conducted and the Title
Insurance Policies are issued and sent to the buyer and lender.
Black Hills Title handles all aspects of post-closing without any
further action from the buyer or seller.

Please
contact us for any further details on how we can make sure your
transaction will be conducted as professionally and efficiently as
possible. We, at Black Hills Title, have been in the business of
protecting real estate assets since 1986. We understand this may be
one of the most important transactions you will ever make and we have
the experience and expertise you can trust. We look forward to
working with you, meeting your needs and exceeding your expectations.